Govt formulates measures to boost jewellery industry

17 Feb '07

2 min read

CHENNAI
The Government has formulated plans to put in place supportive measures for the benefit of Indian gems and jewellery industry.

One of the measures the Government is contemplating, is to issue 'smart card' for free movement of gold, both internationally and domestically.

Issuing of smart cards will help generate data and statistics base, said Madras Jewellers and Diamond Merchant's Association President L K S Syed Ahamed on Thursday at a conference to announce third edition of Gem & Jewellery India International Exhibition (GJIIE 2007).

India is world's largest consumer of gold at 800 tons per annum accounting for 20 percent of total annual global gold production. The total annual turnover of gold and allied products in India is a massive Rs70,000 crore.

India stands first in gold jewelry production, after Italy. This has been made possible due to competitive production cost, quality product and lower customs tariff, said K Sriram, Vice-President, World Gold Council.

The mandatory hallmarking for jewellery scheduled to begin from January 2008 will definitely shift the focus on quality, he said.

GJIIE will bring wholesalers and manufacturers across the country under one platform.

The four-day exhibition beginning March 2, 2007 in Chennai is likely to attract around 10,000 retail jewelers.

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